2019 Quarter 1 Downtown San Diego Market Update

Downtown San Diego went through a very slow quarter 1, but it appears to be speeding up now. We saw 21.05% less sales and 14.83% more active listings when compared to Q1 of 2018. The good news is we currently have 76 properties in escrow, which is 58.33% more then we had going in to Quarter 1 of this year.

It is a bit interesting if we compare the numbers from quarter 1 of 2019 to the last quarter of 2018. There was a decrease in sales in both the $200,000-$399,999 range and the $400,000-$599,999 range, yet there was a spike in sales that range between $600,000-$1,499,999. These ranges are still a bit heavier on inventory, but the increase in sales is encouraging.

Downtown is currently a balanced market, with inventory sitting at a 6.04 month supply. There is currently an average of 50 homes selling per month, but I expect that number to rise significantly this next quarter. Savina is projected to begin closing in June and will take a few months, but it adds over 160 sales in downtown this year!

As a buyer, it is extremely important to work with a professional who knows the downtown neighborhoods! Now that inventory is growing, working with a professional that knows and understands the Downtown market is vital. It will help you save time, find the right property for you, and lately there have been options coming up that are drastically under market value. Work with someone who can help navigate the market.